Kotak Institutional - Tata Steel

Kotak Institutional assumes that all operating EBITDA announced for 1QFY08 is operating and recurring in nature.

They raise the Corus Group's EBITDA to £1.3 bn (from £1.1 bn earlier), which leads to a revision in target price to Rs670/ share (from Rs600 earlier).

They continue to rate the stock as In-Line.